Armored Vehicle Market to Worth USD 27.83 Billion by 2028 | With a 6.36% CAGR
Fortune Business Insights
6 min read
Fortune Business Insights
The global armored vehicle market covered major segments By Platform (Combat Vehicles, Combat Support Vehicles, Unmanned Armored Ground Vehicles), By Mobility (Wheeled, Tracked), By System (Engine, Drive Systems, Ballistic Armor, Turret Drives, Ammunition Handling Systems, Others), and regional forecast.
Pune, India, May 10, 2023 (GLOBE NEWSWIRE) -- The global armored vehicle market size is expected to reach USD 27.83 billion by 2028, exhibiting a CAGR of 6.36% during the forecast period. The introduction of next-generation vehicles with reactive armor technology and active protection systems will have an outstanding effect on the armored vehicle market, states Fortune Business Insights, in a report, titled “Armored Vehicle Market, 2021-2028.” The market size stood at USD 17.57 billion in 2020.
The armored vehicle market refers to the industry that designs, manufactures, and sells vehicles with ballistic protection and enhanced mobility for military and civilian use. Armored vehicles are designed to protect occupants from small arms fire, improvised explosive devices (IEDs), mines, and other threats.
Based on the platform, the market is classified into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The combat vehicle segment is expected to hold the largest share during the forecast period due to the rising demand for armored personnel carriers (APCs) and light armored vehicles (LAVs) around the world.
Based on mobility, the market is divided into wheeled and tracked. The wheeled segment is expected to hold a significant market share. The growth is attributed to the growing demand for 4X4 LAVs by the military for intelligence, surveillance, and reconnaissance (ISR) and transportation.
Based on the system, the market is separated into an engine, ballistic armor, turret drives, drive system, ammunition handling system, armaments, fire control system (FCS), countermeasure system, command & control (C2) system, navigation system, observation, and display system, power system, and hull/frames.
Based on geography, global market is segmented into North America, Europe, Asia-Pacific, the Middle East, and the rest of the world.
The report is fixed at delivering a comprehensive description of the market dynamics and structure by identifying and providing information regarding the key market segments. It also focuses on an all-encompassing analysis of leading market players by financial position, product, product portfolio, price, growth strategies, and regional presence. It offers PORTER’s analysis and SWOT analysis to record the question of shareholders and highlights the investment potential in the upcoming future. It also showcases what procedures and strategies; companies are currently implementing in the market. It further examines the ways and components convincing armored vehicle market expansion, growth patterns, restricting factors, and market strategies.
The global armored vehicle market has been growing steadily in recent years, driven by factors such as increasing defense spending, geopolitical tensions, and rising demand for internal security. The market includes various types of vehicles, such as tanks, armored personnel carriers (APCs), and mine-resistant ambush-protected (MRAP) vehicles.
Driving Factor:
Inflated Demand for Next-Generation Combat Vehicles to Intensify Market
There has been an increase in conflicts, criminal attacks, and conflicts around the world in recent years. Several countries have modernized their current security systems in response to increasing conflict and cross-border activities between Asian countries and other regions.
Policy makers are fielding modern main battle tanks (MBTs), light protecting vehicles (LPVs), infantry fighting vehicles (IFVs), and other vehicles to defend and reinforce their defensive powers. As a result, it boosts the armored vehicle market growth over the study period.
Regional Insights:
Robust Defense Spending to Augment Growth in North America
In 2020, North America led the industry and was worth USD 6.12 billion. The United States' supremacy in this area can be traced to the government's largest defense spending on combat vehicle acquisition and modernization. Important stakeholders such as General Dynamics Corporation, Textron Systems, Oshkosh Defense, and others drive business growth in North America. India, China, South Korea, Japan, and other countries are increasing their military spending. In Asia, rising terrorism, cross-border problems, and political instability have resulted in warfare circumstances that have fueled the market's expansion. The Indian Ministry of Defense signed a USD 144.79 million deal with Mahindra Defense Systems Ltd (MDSL) in March 2021 to provide 1,300 light specialist vehicles to the Indian Army
Competitive Landscape:
Prominent Companies Focus on Innovative Military Equipment to Establish Strong Presence
Since many companies are engaged in designing and producing military equipment, the industry is fragmented. OEMs are concentrating their efforts on manufacturing technologically innovative goods and forging close relationships with governments in both developed and developing countries.
February 2021: Paramount Group, a major producer of armored and mine protected vehicles and state-of-the-art camp systems, announced its collaboration with Bharat Forge Limited to launch Kalyani M4 Armored Vehicles in India. The M4 delivers ballistic and blast protection - up to 50kg TNT side blast or IED/roadside bombs, and quick mobility in rough terrain.
Read Related Insights:
Light Weapons Market to Reach USD 17.33 Billion by 2027; Increasing Border Clashes to Improve Market Scope, states Fortune Business Insights™
Automatic Weapons Market Worth USD 15.04 Billion by 2027; Owing to Presence of Established Players in North America, Says Fortune Business Insights™
Military Vetronics Market to Hit USD 8.22 Billion by 2027; Advancements in Wireless Communication Technologies to Favor Market Growth, Says Fortune Business Insights™
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
